The Biz Whizz

The more you learn, the more you earn

ISAs | 1st November 2018

Smart saving: start funding your dreams

Thinking about the future is daunting, especially if you’re concerned about finances. However, whether you want to save for property, your dream car, or your child’s future, you can start doing so today by investing into an Individual Savings Account (ISA).

As well as being savvier with your money through budgeting, cutting unnecessary costs, and setting achievable goals, there is more you can do to make your money go further. ISAs are a fantastic way to help make saving for your goals easier and bring you one step closer to reaching your dreams. But before you start investing in an ISA, learning how to make your money go further is an essential first step to take.

Budgeting

Setting a monthly budget ready for payday is the best place to start if you’re trying to save. It will help you to review exactly where your money goes and stick to spending on the necessities without using up all of your disposable income straight away.

Disposable income

Like with setting a budget, you will benefit from mapping out your disposable income. To make this easier, take into consideration your unnecessary daily or weekly costs, such as takeout, coffee, or snacks.

Flexibility

One of the best aspects of ISAs is that they are ridiculously flexible. Not only do they allow you to earn tax-free, but they can also be adjusted to your needs. For example, if you have a low-risk appetite, you can invest in a low-risk ISA to start with, such as cash ISA. As your attitude to risk changes, you can either open another ISA, be it an innovative finance or stocks and shares ISA, or you could even transfer your funds to a new account.

Or, if you prefer more risk, why not jump in at the deep end and start investing in an innovative finance or stocks and shares ISA from the beginning?

Pennies into pounds

Another brilliant factor of ISAs is that you often only need a small amount to get started, so you don’t have to worry about having mountains of money to even get your foot in the door. You can start from as little as £1 and with time you’ll start to see that £1 multiply tenfold.

But it can be difficult to start saving even after opening an ISA. Every cost adds up quickly which can make getting started seem impossible. Have no fear; there are plenty of easy ways to save. A major first step to getting started and not living payday to payday is to plan where your money goes.

Getting started today, whether that be slowly making cutbacks, setting goals, or setting up an ISA, is the best way to start making your dreams a reality. Putting things off until ‘tomorrow’ always seems to turn into another tomorrow and… you get the idea. If you want something, be it a house, car, or luxury getaway, it all starts with what you do today.

If you are ready to start financing your goals by starting to invest into an ISA, look no further. At Apple for Oranges, our best ISA comparison service makes finding the best ISA for you easy.

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